Constitutional Amendment; authorizing Legislature to establish a state bank; create a commission to operate bank or designate a state agency to oversee its operations

HB 610 proposes a constitutional amendment to authorize the Alabama Legislature to establish a state public bank. This bank would serve as a depository for all state government funds and allow the state to receive deposits from and issue loans to state and local governmental entities. The bill mandates that the Legislature establish a commission or designate a state agency to govern and operate the bank. It also outlines that the bank would have the power to borrow money and issue bonds and notes.